Mid-Afternoon Market Update: Dow Surges 250 Points; Owens & Minor Shares Spike Higher

Toward the end of trading Thursday, the Dow traded up 0.95% to 27,016.52 while the NASDAQ rose 1.12% to 10,751.55. The S&P also rose, gaining 0.97% to 3,268.43.


The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 6,935,410 cases with around 201,920 deaths. India confirmed a total of at least 5,732,510 confirmed cases and 91,140 deaths, while Brazil reported over 4,591,360 COVID-19 cases with 138,100 deaths. In total, there were at least 31,914,770 cases of COVID-19 worldwide with over 977,100 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Utilities shares rose 1.5% on Thursday. Meanwhile, top gainers in the sector included Central Puerto S.A. CEPU, up 7%, and Empresa Distribuidora y Comercializadora Norte Sociedad Anónima EDN, up 7%.

In trading on Thursday, health care shares fell 0.2%.


Top Headline


Accenture Plc ACN reported weaker-than-expected results for its fourth quarter.

Accenture reported quarterly earnings of $1.70 per share, exceeding analysts’ estimates of $1.73 per share. The company reported sales of $10.84 billion, surpassing expectations of $10.91 billion.

Accenture said it expects Q1 sales of $11.15 billion to $11.55 billion, versus analysts’ estimates of $11.52 billion. The company projects FY21 revenue growth of 2%-5% and earnings of $7.80-$8.10 per share.

 

Equities Trading UP


Sunworks, Inc. SUNW shares shot up 243% to $3.9750. The strength is potentially related to recent volatility in solar and EV names following momentum in SPI Energy as well as heavy sector speculation.

Shares of Owens & Minor, Inc. OMI got a boost, shooting 54% to $21.24 after the company raised its FY20 guidance.


Net Element, Inc. NETE shares were also up, gaining 37% to $8.85 after Mullen Technologies, its M&A target, announced it will begin construction of an electric vehicle pilot facility and is accepting pre-orders for its MX-05 fully electric SUV starting Oct 1st.

 

Equities Trading DOWN

Kubient, Inc. KBNT shares tumbled 24% to $2.9599 after the company reported wider Q2 loss.

Shares of MediciNova, Inc. MNOV were down 22% to $4.6950 after the company announced clinical findings regarding MN-166 published in Cancer Chemotherapy and Pharmacology. Only 2 patients in the study had improved symptoms.

Crexendo, Inc. CXDO was down, falling 11% to $5.50. Crexendo announced pricing of public offering of common stock.

 

Commodities


In commodity news, oil traded up 0.9% to $40.28, while gold traded up 0.6% to $ 1,879.30.


Silver traded up 1.1% Thursday to $23.360 while copper fell 0.6% to $2.9750.


Euro zone

European shares closed lower today. The eurozone’s STOXX 600 declined 1.02%, the Spanish Ibex Index fell 0.16%, while Italy’s FTSE MIB Index slipped 0.12%. Meanwhile, the German DAX 30 declined 0.29%, French CAC 40 fell 0.83% and London’s FTSE 100 slipped 1.3%.

France reported further improvement in its business confidence, with the country’s manufacturing industry climate indicator rising for the fifth month to 96 points in September versus a revised reading of 92 in August.


Economics

U.S. initial jobless claims increased by 4,000 to 870,000 in the week ended September 19.

US new home sales rose 4.8% to an annual rate of 1,011 thousand in August.

US natural-gas supplies rose 66 million cubic feet for the latest week, the Energy Information Administration reported.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!